Some Sentimental Solutions

I have previously discussed the ongoing legal dispute over the late actor and comedian Robin Williams’ estate, which highlights the complex issues confronting estate planners when dealing with items that have sentimental value. 

Disputes between a deceased person’s previous spouse and stepchildren surrounding personal items with sentimental value are common.  Darren Wallace, estate and trust attorney, explains that “[o]ften it’s the personal mementos that cause the most contention.”  Emotions and bitter family feelings are often escalated during these conflicts. 

Various estate planning techniques exist that may prevent or mitigate any potential conflicts.  A Qualified Terminable Interest Property Trust (QTIP) is typically used for assets that generate income to go to the surviving spouse while simultaneously preserving principal for children.  In Williams’ case, he could have put his house and its contents into a QTIP trust, where his wife could have use of it during her lifetime.  After her death, ownership would pass to his children.  Another idea is for the testator to create a list of items to leave to his/her spouse and give everything else to the children from previous marriages.  Also consider including a poison pill, or ““in terrorem” clause, to discourage will contests.   

See Paul Sullivan, When Heirs Fight Over Assets With Sentimental Value, The New York Times, Apr. 3, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing) for bringing this article to my attention.